GM first-quarter profit disappoints on South American weakness

April 23, 2015 11:41 AM

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DETROIT (Reuters) - General Motors Co (GM.N) posted a smaller-than-expected quarterly profit on Thursday as weakness in South America and Russia hurt demand and the company's tax rate was higher than expected, sending shares down 3 percent.

"Clearly the macro environment in South America, and it's primarily Brazil, deteriorated versus even where we thought it was going to be," Chief Financial Officer Chuck Stevens told reporters at the company's Detroit headquarters.